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Standard Rule 1 - (c) "consider easements, restrictions, encumbrances, leases, reservations, <br /> covenants, contracts, declarations, special assessments, ordinances or other items of a similar <br /> nature." <br /> Explanation of Departure: The client is familiar with the area, no adverse easements, <br /> encumbrances, restrictions, leases, reservations, covenants, declarations, or special assessments were <br /> located. <br /> Standard Rule 1 - (a) "Consider the effect on use and the value of the following factors: existing <br /> land use regulations, reasonably probable modifications of such land uses regulations, economic <br /> demand, the physical adaptability of the real estate, neighborhood trends, and the highest and best <br /> use of the real estate." <br /> Explanation of Departure: We are familiar with the neighborhood and did not feel that any of the <br /> above factors existed nor had a direct impact on market value. <br /> Standard Rule 1 - (b) "recognize that land is appraised as though vacant and available for <br /> development to its highest and best use and that the appraisal of the improvements is based on their <br /> actual contribution to the site." <br /> Explanation of Departure: An in -depth Highest and Best Use analysis was not required for the <br /> needs of the client. The land value was estimated in the Cost Approach with consideration for the <br /> highest and best use. <br /> Standard Rule 1 - (b) "collect verify, analyze, and reconcile: (i) such comparable cost data as are <br /> available to estimate the cost new of the improvements (if any) (ii) such comparable facts as are <br /> available to estimate the difference between cost new and the present worth of the improvements <br /> (accrued depreciation), (iii) such comparable sales data, adequately identified and described, as are <br /> available to indicate a value conclusion; (iv) such comparable operating expenses data as are <br /> available to estimate the operating expenses of the property being appraised; (v) such comparable <br /> operating data as are available to estimate the operating expense of the property being appraised; (vi) <br /> such comparable data as are available to estimate rates of capitalization and/or rates of discount." <br /> Explanation of Departure: The income approach did not apply. <br /> Standard Rule 1 - (c) "base projections of future rent and expenses on reasonably clear and <br /> appropriate evidence." <br /> Explanation of Departure: The income approach did not apply. <br /> Standard Rule 1 - (d) "when estimating the values of a leased fee estate or a leasehold estate, <br /> 18 <br />